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PARTYGAMING
Elsworth - Sun, 16 Oct 05 :
The Sunday Times - Business
The Sunday Times October 16, 2005
Playtech set for pay cheque
AN Israeli internet-gaming entrepreneur is in line for a £300m windfall after appointing advisers to explore the possibility of selling or floating his business, write Matthew Goodman and Mark Kleinman.
Playtech, a provider of online-gaming software, has hired stockbroker Collins Stewart to explore strategic options for the company, which is valued at £500m.
There has been speculation that the group could float, but the current negative sentiment towards online-gaming stocks, following a warning last month from Party Gaming that growth was slowing faster than anticipated, has made it harder for rivals to come to market. This could make a trade sale more likely.
A Playtech spokesman confirmed that a City adviser had been appointed but refused to confirm it was Collins Stewart.
Playtech, founded in 1999, provides software to run internet casinos and poker games for the likes of the Tote, BetFred and West Ham United Football Club among others. It is majority-owned by Israeli businessman Teddy Sagi. He is thought to control just over two-thirds of the company through his investment vehicle, NAV New Age Investments, which was formerly quoted on the Tel Aviv stock exchange.
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